Price can be defined as
A rate of exchange
The cost of a product
The standard of accounting
A medium of exchange
A shift of the demand curve when supply curve is vertical will lead to à change in
Price only
quantity only
price and quantity only
quality only
If a good is an inferior good then
The income elasticity of demand is negative.
It is a giffen good
the poor but It only out of habit.
It varies inversely with price.
An increase in supply will lower price unless
It is followed by an increase in demand
demand is highly inelastic
demand is perfectly elastic
supply is perfectly inelastic
Which form of market is found in an imperfect competition where there are few buyers and many sellers
Oligopsony
Oligopoly
Monopoly
Duopoly
The liability of the sole trader is
Unlimited
limited
transferable
indeterminable
Which of the following is a disadvantage of Regional concentration of industries
Development of Congested urban areas
High cost of labour
Immobility of labour
existence of Regional unemployment
Economic development is defined as
positive change plus growth
availability of more goods and services
outward shift of the PPC
growth in national income
For improvement in welfare,production is not enough because?
Equitable distribution is necessary
production efficiency is vital
the Have-mots deserve more than a fait share.
savings must be granted at more than 50 percent income earned
The difference between personal income and personal disposable income is
Personal income tax
investment income
personal savings
Consumption expenditure
Frictional unemployment means
occurs when people are changing jobs
Occurs when the number of job seekers exceeds the number of vacancies
Is total employment minus structural unemployment
Transfer payments are ?
Unearned income
transfer earings
payment transferred from one account to another
Money from one country to another
Statistical analyses suggests that?
The MPS is High
The MPC is High
consumption pattern is negative
perfect correlation Between consumption and savings
Advalorem tax means?
A percentage tax base on the value of the commodity
a tax on the income of the consumer
Payment of a tax on the profit made
tax on the volume
The rate of exchange between domestic and a foreign currency is defined as the?
Domestic currency price of a unit of the foreign currency
foreign currency price of gold
Domestic currency price of gold
terms of trade
If inflation continues
lenders will demand higher interest rates.
people would want to gold money
people will want to gold more money.
the growth of full employment will be acellerated
In the keynesian model?
Demand for money is Inversely related to the rate of interest.
investment is directly related to the rate of interest
investment is not related to the ratio of interest
the demand for money is directly related to interest rate.
